This Massive Essential Chain Now Closes in New Jersey

December 29, 2023

This massive essential retailer now closes in New Jersey after shutting several hundreds of locations down this year.

Rite Aid has announced more location closures in Ohio according to the company’s latest court filing.

The Rite Aid on South Main Street is set to close on January 18, while the Rite Aid at 1602 Capitol Trail will shut down five days later.

Customers of these locations will receive notices with information on where their prescriptions will be transferred.

Two locations in Newark were closed in the fall- Chestnut Hill Plaza in Brookside and one near Fox Run in Bear.

Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.

According to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.

In October, as part of their bankruptcy filing, they announced that 154 locations nationwide would close.

However, since that initial filing, Rite Aid has submitted several more notices advising additional closures, and the total number of store closures is almost 270.

Rite Aid will still have locations on New London Road, Polly Drummond Shopping Center, Omega Shopping Center, Pulaski Highway, Peoples Plaza, and Governors Square Shopping Center.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

A popular electric company now announces an unexpected bankruptcy leading to the sale of its assets after failing to recover from the pandemic.

The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday, reports CNBC.

The company has entered into a “stalking horse” agreement, which sets a floor for Bird’s value, with its existing lenders, according to a release.

Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.

The company’s electric scooters are “touted as an environmentally friendly alternative to driving and other forms of public transit.

They exploded in popularity before the onset of the Covid-19 pandemic, and the company raised more than $275 million in 2019, which pushed its valuation to $2.5 billion,” reports CNBC.

“But after customers stopped riding as they were forced into lockdown in 2020, Bird struggled to recover.

The company went public via a merger with a special purpose acquisition company in 2021, but its share price tumbled.”

Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September.

Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.

The company’s shares began trading on the over-the-counter exchange later that month.

As of today, the stock is under $0.08.

Bird Canada and Bird Europe are not part of the company’s Wednesday filing and will “continue to operate as normal,” according to the release.

This is a developing story.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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